Is the following neural network architecture considered deep learning?
"Deep learning" is not formally defined. However, typically even simple RNNs are taught as advanced neural network subject alongside other topics labelled "deep learning". 

Technically, given the time dimension, the depth of a RNN can include many layers of processing (as opposed to many layers of parameters). As such, some of the knowledge and experience used to help with deep feed-forward networks also applies to RNNs. You could consider the LSTM architecture one such thing, because it is designed to address the vanishing gradient problem that plagues simpler RNN architectures.

So, yes you can call your model a "deep learning model" and have that generally accepted. 

I'd be slightly concerned if anyone important to the success of a project thought that label was a big deal - either placed on your CV as or as a buzzword on a resulting product. However, it is not unrealistic marketing  because it is essentially true.